If the Internal Revenue Service gets their way, the way that multinational corporate giants like Apple and Google pay taxes will be changing dramatically. IRS Deputy Chief Counsel Erik Corwin spoke at a gathering of tax attorneys in the nation's capital recently, and pointed out the currently legal process by which some corporate entities are taking advantage of ambiguities in the law to avoid payment of taxes on profits to any country.
Hennepin and Ramsey counties roll out new wheelage taxes
Taxpayers in Hennepin and Ramsey counties will find their wallets a bit lighter when it comes time to renew their car tabs this year. Both counties have opted to join Anoka, Washington, Dakota, Scott and Carver in collecting a so-called "wheelage" tax from the owners of vehicles registered in their borders. The $10 tax will likely be effective immediately, and is so far set to only apply to cars and trucks actively registered in Hennepin and Ramsey counties (or one of the other counties that already has a yearly wheelage tax), not bicycles, motorcycles, scooters or trailers.
Minnesota's "tax incidence analysis:" are taxes fairer now?
Well, it depends. In some regard, the analysis done by the state's Department of Revenue shows that taxes are indeed fairer now across socioeconomic lines. On the other hand, there are still taxes that disproportionately affect one economic class more than others.
Part II: Federal forms, foreign accounts and failure to's
The first part of this two-part post talked about the very generic reporting requirements under the Federal Tax Code for taxpayers in Minneapolis who have foreign bank accounts. The second post will focus on the “what if” side of a reporting error or failure to report the amount of assets in these accounts.
